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The OLB Group, Inc., trading under the symbol OLB on NASDAQ, is a multifaceted fintech enterprise headquartered in New York, New York. Established in 1993, the company is renowned for its diversified services in payment facilitation and Bitcoin mining. OLB Group offers a comprehensive array of payment solutions and business management tools that cater to a vast array of merchants across the United States.
One of OLB's flagship offerings is Omnisoft, a cloud-based business management platform designed to help merchants streamline their operations both online and in physical retail environments. Complementing this is Evance, a robust payment processing solution, and SecurePay, a payment gateway and virtual terminal equipped with proprietary business management tools. Additionally, OLB Group powers Crowdpay.us, a white-label capital raising platform, as well as ShopFast, an omni-channel platform that facilitates consumer transactions from various business sectors.
In recent developments, OLB Group has expanded into the eSIM technology market, targeting the unbanked sector with two new prepaid wireless phone services—Black Wireless and Mango Mobile. These services aim to provide cost-effective and efficient solutions for budget-conscious consumers.
The company also runs DMint, a Bitcoin mining subsidiary that operates a facility in Tennessee utilizing renewable energy sources such as hydroelectric and solar power. This venture underscores OLB's commitment to sustainable and forward-thinking business practices.
OLB Group's latest financial results for Q1 2024 indicate a revenue of $3.5 million, which signals a challenging yet dynamic business environment. Despite a net loss of $2.9 million, the company continues to make strategic investments, including the acquisition of the remaining 19.9% of its subsidiary Black011, enhancing its reach and service offerings.
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The OLB Group reported strong financial results for Q2 2021, with total revenue reaching $2.83 million, up 41.7% from $2 million in Q2 2020. The company processed 4.9 million transactions with a total transaction volume of $258 million. However, processing and servicing costs increased by 62.1% to $2.1 million, and general and administrative expenses surged 122.7% to $848,368. The net loss for the quarter was ($666,136), higher than the prior year. Adjusted EBITDA was (123,756).
OLB Group (NASDAQ: OLB) will announce its second quarter 2021 financial results on August 12, 2021, post-market close. A conference call will follow at 5:00 p.m. ET to discuss results and provide a corporate update, including a Q&A session. Key topics include a Letter of Intent to acquire 1,200 CBD merchants, which could generate $13 million in revenue and $3.6 million in EBITDA, and the launch of DMint, a subsidiary for cryptocurrency mining with 1,000 Asics computers.
The OLB Group (NASDAQ: OLB) announced its subsidiary, DMint, plans to deploy around 1,000 cryptocurrency mining machines operated by zero carbon footprint data centers. An exclusive agreement with Cai Energy Blockchain allows DMint to utilize natural gas directly from wells, minimizing environmental impact. The initiative aims to generate $1 million monthly in recurring revenues by Q4 2021 with an expected increase to 500 petahash per second by the end of 2022. OLB positions itself as a leader in cryptocurrency acceptance in the payment sector through enhanced services for its merchants.
The OLB Group (NASDAQ: OLB) has announced the formation of DMint, Inc., a wholly-owned subsidiary focusing on cryptocurrency mining starting in 2021. The strategy involves building data centers and using ASIC machines, leveraging underutilized energy in alignment with ESG standards. CEO Ronny Yakov emphasized that DMint is expected to significantly boost OLB's revenues and provide new services for small and mid-sized merchants. The company aims to capitalize on the growing relevance of cryptocurrency in the payment industry.
The OLB Group, Inc. (NASDAQ: OLB) has signed a non-binding letter of intent to acquire a portfolio of CBD merchants with an annual transaction volume exceeding $300 million. This acquisition is expected to generate $13 million in additional revenue and $3.6 million EBITDA, nearly doubling OLB's revenue to over $25 million. The transaction aims to strengthen OLB's position in the rapidly growing CBD sector, projected to expand at 21.2% through 2028. OLB's SecurePay platform will enhance payment processing for these merchants.
The OLB Group (NASDAQ: OLB) announced that its SecurePay payment gateway will now support the transfer and sale of digital assets via non-fungible token (NFT) technology based on Ethereum. This advancement facilitates secure peer-to-peer transactions, minimizing fraud risks associated with ticket sales. CEO Ronny Yakov emphasized the importance of NFTs in ensuring ownership transfer through blockchain ledgers. SecurePay integrates popular payment methods like Apple Pay, Google Pay, and cryptocurrency wallets, enhancing transaction flexibility and security for merchants.
The OLB Group reported Q1 2021 financial results, showing a 14.8% decline in revenue to $2.23 million, down from $2.61 million in Q1 2020. Notably, processing costs decreased by 10.1% to $1.55 million, but G&A expenses rose by 21.5% to $626,269. The company incurred a net loss of $1.1 million, significantly higher compared to $542,207 last year. Adjusted EBITDA stands at ($179,206), highlighting financial challenges amid ongoing litigation and pandemic impacts.
The OLB Group, Inc. (NASDAQ: OLB) announced new customer analytic capabilities for its ShopFast service, aimed at empowering small- and mid-sized merchants. The enhanced analytics will provide insights into customer behavior, inventory management, and predictive analytics, helping merchants compete with larger retailers. CEO Ronny Yakov highlighted the importance of these tools in optimizing operational efficiency and customer engagement. The new features will be available to ShopFast merchants in Q3 2021 at no extra cost.
The OLB Group (NASDAQ: OLB) has been selected by EZ Sports Technologies to provide merchant services to three Class D minor league baseball teams managed by National Sports Services. The teams, including the Lafayette Aviators, Johnstown Millrats, and Spartanburgers, will implement OLB's technology in their stadiums before the upcoming season. This partnership aims to enhance digital commerce capabilities, improving ticket sales, concessions management, and merchandise sales. OLB currently serves over 8,500 merchants, leveraging its Omnifast platform for seamless business operations.
The OLB Group, Inc. (NASDAQ: OLB) has launched a new contactless payment option for merchants using its OmniSoft™ platform and SecurePay™ Payment Gateway. This feature allows customers to make payments via transaction-specific QR codes. Merchants can select funding sources, including Apple Pay®, Google Pay®, and cryptocurrency wallets. Additionally, OLB facilitates NFC transactions for further convenience. CEO Ronny Yakov emphasized the importance of adapting to consumer preferences, providing a secure and efficient solution to meet market demand.
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